8 tips to boost the resale value of your home

Valuers look for certain key features to assess the worth of a property. They are making an ‘as is’ unemotional assessment but they are also looking for what buyers will respond to because that directly affects the value.

Here are 8 steps you can take to help maximize the resale value of your property.

1. Smarten up your exteriorYou know what they say…you never get a second chance to make a good first impression, so get started with the exterior of your property.

If you have one, spruce up your entrance or garden– a well-groomed entrance not only creates a good first impression, it can also add to your property’s street appeal, which in turn can add value.

If your house is weatherboard, replace and repaint any loose or rotting wood. If it’s brick, make sure any cracks in the mortar are filled. If your home is painted make sure the painted surfaces are clean and tidy.

2. LandscapeBuyers love an attractively landscaped patio or back yard and it doesn’t need to be too costly or take a lot of effort to fix yours up.

Investing in new soil, rocks, shrubs, ground cover, trees, and laying bark can help transform an outdoor area; making it fresh and inviting.

3. Fix all the surface issuesWhile lots of small defects don’t directly affect the overall value, added together they will make a place less attractive and therefore lower its valuation.

The following are typical of small things that will put buyers off that can be easily fixed:

Repair peeling paint

Get rid of mould or any signs of water damage – especially to ceilings

4. Consider Upgrading Your KitchenThe kitchen is one of the most important areas of a home. Buyers want a good workspace that has modern appliances, attractive taps, and good cupboards and bench-tops.

5. Beautify the bathroomLike kitchen upgrades a good bathroom space that is functional and aesthetically pleasing will add value to your property.

Rather than a complete renovation, small touches like painting the walls and replacing tile grout can really work wonders. Consider re-surfacing (rather than replacing) a chipped bathtub or sink and replacing old taps to make things look like new.

6. Replace old carpetsIt may seem strange, but the floor is one of the first things that buyers look at when entering a property. Old carpet won’t do your home any favours. Be prepared to replace worn carpets. Or if they are laid on hardwood floors consider removing the carpets and polishing the floors.

7. Finish those projectsTo get the best valuation you must finish any renovations or handy work you started. Valuers have to assess what they see on the day not the finished value of what is still only half done.

8. Add storageFunctional storage space is something most buyers and renters look for. This can come indoors in the form of built-in wardrobes or outdoors as backyard sheds.If your renovations include structural changes to your property, you may need to obtain consent from your Lender so make sure to check this upfront.

Smart renovation done well can help you unlock extra value in your property, but it is also important to consider whether the amount spent improvements will exceed the value of the property to avoid overcapitalisation.

To help you kick start that renovation project, we’ve tackled the 3 most common questions home renovators ask themselves before starting out, check it out here.

When you’re ready, talk to us about refinancing your mortgage on 13 73 77 or learn more about our refinancing home loan product. Alternatively, speak to a Pepper Money accredited broker, they’re there to help.

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These articles provide you with factual information only, and are not intended to imply any recommendation about any financial product(s) or constitute tax advice. If you require financial or tax advice you should consult a licensed financial or tax adviser. The information in these articles is believed to be reliable at the time of distribution, but Pepper does not warrant its completeness or accuracy. Neither Pepper nor its related bodies, nor their directors, employees or agents accept any responsibility for loss or liability which may arise from accessing or reliance on any of the information contained in these articles. For information about whether a Pepper loan may be suitable for you, call Pepper on 13 73 77.